• Dogecoin remains under pressure after rejecting the previously broken 50-day EMA at $0.103.
• Shiba Inu is rejecting the lower boundary of its consolidation range around $0.0000056, signaling a deeper correction.
• Pepe closes below the daily support at $0.0000035, suggesting further losses.

Meme coins risk a deeper correction on Wednesday as the broader crypto market struggles to regain bullish momentum amid uncertainty over the US-Iran peace deal. Dogecoin (DOGE) continues to struggle below key Exponential Moving Averages (EMAs), while Shiba Inu (SHIB) risks extending its correction after failing to sustain a rebound from its consolidation range. Meanwhile, Pepe (PEPE) closes below the key support zone, suggesting further losses ahead.

Dogecoin faces rejection from the 50-day EMA

Dogecoin price failed to close above the key 100-day Exponential Moving Average (EMA) at $0.105 and declined by over 6% in the previous week. As of this week, DOGE continues to face rejection from the previously broken 50-day EMA at $0.103, and has declined slightly to $0.101 on Wednesday.

If DOGE continues to correct, it could extend the losses toward the key psychological level at $0.090.

The Relative Strength Index (RSI) on the daily chart reads 41, below the neutral level of 50, indicating bearish momentum gaining traction. The Moving Average Convergence Divergence (MACD) also showed a bearish crossover on May 16, which remains intact, supporting the bearish outlook.

On the other hand, if DOGE recovers, it could extend the advance toward the 100-day EMA at $0.105.

Shiba Inu faces rejection from the previously broken lower consolidation boundary

Shiba Inu corrected over 2% and closed below the lower boundary of the consolidation range at $0.0000056 in the previous week. SHIB extended its correction after retesting the broken level earlier this week, trading lower at $0.0000055 on Wednesday.

If the lower consolidation boundary continues to hold as resistance, SHIB could extend losses toward the February 6 low at $0.0000050.

Like Dogecoin, SHIB’s momentum indicators, RSI and MACD, show bearish momentum gaining traction.

However, if SHIB recovers and closes above the lower consolidation boundary at $0.0000056 on a daily basis, it could extend the advance toward the 50-day EMA at $0.0000060.

Pepe momentum indicators project deeper losses

Pepe price corrected over 2.2% on Tuesday, extending its losses from the previous week to close below the daily support at $0.0000035. At the time of writing on Wednesday, PEPE edges below this level.

If the $0.0000035 level holds as resistance, PEPE could extend the losses toward the April 7 low at $0.0000033.

Like Dogecoin and Shiba Inu, Pepe’s momentum indicators, RSI and MACD, also support a negative outlook.

On the other hand, if PEPE recovers, it could extend the recovery toward the 50-day EMA at $0.0000038.